Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, March 10

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The market data is provided by the HitBTC exchange.

Wall Street strategist Thomas Lee has formulated a new contrarian index, called the Bitcoin Misery Index, BMI, which can be helpful for traders. Lee is bullish on Bitcoin and has retained a year-end target of $25,000, which results in a gain of more than 160 percent from the current levels.

We believe it’s better to buy only after the cryptocurrencies stop falling because in a bear market people dump their holdings at ridiculous prices. So, let’s check if any of the digital currencies has formed a bottom.

BTC/USD

Bitcoin broke below the critical support of $9,500, yesterday, March 09, and hit an intraday low of $9,000.02, which is just below the 50 percent Fibonacci retracement of the recent pullback from $6,075.04 to $12,172.43.

BTC

The bulls bought the dip and pushed prices back above $9,500. The BTC/USD pair is still not out of the woods because it is still trading inside the descending channel.

If the bulls sustain above the $9,500 levels, a range bound action is likely to ensue where we can expect the bulls and the bears to battle it out between $9,500 and $12,200 levels.

On the contrary, if the bears again break below yesterday’s low of $9,000.02, the price might fall towards 61.8 percent of the $8,404 retracement level.

We would like to see clarity and a support level holding before suggesting any trades.

ETH/USD

Yesterday, Ethereum fell according to our expectation to $637.63, but currently, the bulls are attempting a pullback.

ETH

The ETH/USD pair is currently in a downtrend as the price is trading inside the descending channel and below both the moving averages. Any rebound from the current levels is likely to face selling pressure at one of these resistance zones.

It is bears’ advantage, until the bulls break out and sustain above these two overhead resistances.

BCH/USD

We have been expecting Bitcoin Cash to correct to $950 levels since our previous two analyses, but the bulls have held on to the $1,000 levels. On March 9, the price rebounded from $989.8418.

BCH

Within the next couple of days, if the bulls fail to sustain above $1,150, chances are that the bears will attempt to sink the BCH/USD pair towards the next support of $854.

We will change our bearish view once the cryptocurrency rallies above $1,400.

XRP/USD

We believe that Ripple is forming a large range. Yesterday, March 09, prices fell close to a lower end of the possible range.

XRP

On the downside, the level between $0.56270 and $0.695 is likely to act as strong support. This zone will hold unless there is news that might influence the market.

Traders can buy the dip in the XRP/USD pair towards the $0.60 levels. It is best to wait for prices to stabilize for four hours and then buy on the way up, rather than buy on the way down. The stops can be placed at $0.55.

The target is $1.22. This might turn out to be a roller coaster ride because trading inside the anticipated range will be volatile.

XLM/USD

Stellar has broken below the $0.32 critical support, but it has not slumped as we had expected.